This document summarizes Hawaiian Airlines' network planning and pricing strategies. It discusses how Hawaiian has expanded its network in recent years, especially in international markets like Tokyo, Seoul, and Sydney. Hawaiian derives a substantial portion of its revenue from international services. The document also covers Hawaiian's strategies for its North America, neighbor island, and international routes. It emphasizes Hawaiian's role as a destination carrier and diversification of origin markets.

1. Andrew Watterson
Vice-President – Planning and
Revenue Management
1

2. Network And Pricing
Investor Day
November 17, 2011
2

3. Agenda
• Network and Pricing Overview
• Geographies
– North America
– Neighbor Island
– International
3

4. Network Planning And Pricing Reflect Three Main Elements
Of Hawaiian Airlines’ Strategy
• Our role as a destination carrier
• Diversification of origin markets
• Modest volume / price premium for superior product and service
4

5. Sydney
HNL
San Francisco
Los Angeles
Las Vegas
HNL
Kaua‘i
Maui
Neighbor Island Routes
Pago Pago
Papeete
Portland
Phoenix
San Diego
Sacramento
Oakland
San Jose
Maui
2008 Route Network Seattle
Manila
Kona Hilo
In Recent Years, We Have Expanded Our Network
Significantly, Especially In International Markets
5

6. In Recent Years, We Have Expanded Our Network
Significantly, Especially In International Markets
6
Sydney
HNL
San Francisco
Los Angeles
Las Vegas
Pago Pago
Papeete
Portland
Phoenix
San Diego
Sacramento
Oakland
San Jose
Maui
2010 Route Network
Tokyo (Haneda)
Seattle
Manila
Route Development
2010 Tokyo (Haneda)
2010 Oakland - Maui
2010 Las Vegas - Maui
HNL
Kaua‘i
Maui
Neighbor Island Routes
Kona Hilo

7. 2011 Route Network
Sydney
HNL
San Francisco
Los Angeles
Las Vegas
Pago Pago
Papeete
Portland
Phoenix
San Diego
Sacramento
Oakland
San Jose
Maui
Tokyo (Haneda)
Seattle
Seoul
Osaka (Kansai)
Manila
Route Development
2010 Tokyo (Haneda)
2010 Oakland - Maui
2010 Las Vegas - Maui
2011 Osaka (Kansai)
2011 Seoul (Incheon)
HNL
Kaua‘i
Maui
Neighbor Island Routes
Kona Hilo
In Recent Years, We Have Expanded Our Network
Significantly, Especially In International Markets
7

8. In Recent Years, We Have Expanded Our Network
Significantly, Especially In International Markets
8
Manila
Seoul
Tokyo (Haneda)
Sydney
Osaka (Kansai)
Fukuoka
HNL
San Francisco
Los Angeles
Las Vegas
Pago Pago
Papeete
Seattle
Portland
Phoenix
San Diego
Sacramento
Oakland
San Jose
Maui
2012 Route Network
Route Development
2010 Tokyo (Haneda)
2010 Oakland - Maui
2010 Las Vegas - Maui
2011 Osaka (Kansai)
2011 Seoul (Incheon)
2012 Sydney (daily)
2012 Fukuoka
2012 San Jose - Maui
2012 New York
New York
HNL
Kaua‘i
Maui
Neighbor Island Routes
Kona Hilo

9. 8%
27%
92%
73%
0%
25%
50%
75%
100%
3Q08 3Q11
International Domestic
Hawaiian Now Derives A Substantial Portion Of Its
Business From International Service
Hawaiian Airlines Passenger Revenue: Domestic vs.
International
Source: HA data
9

10. 0
1000
2000
3000
4000
5000
6000
7000
2006 2007 2008 2009 2010 2011
UA/CO
HA
DL/NW
AA
AS
US/HP
TZ
AQ
Other
Change In Avg. Seats / Day
Over 5 Years, 2006-2011
Carrier
%
change
Abs.
change
HA 21% 722
Other
Airlines
-19% -3,276
Domestic Capacity To Hawai‘i (Excluding Neighbor Island)
Average Daily Seats
Aside From Hawaiian, Only Alaska Airlines And US Airways
Have Increased Mainland-Hawai‘i Capacity
Source: Official Airline Guide (Data pulled from source on October 10, 2011)
10

11. International Capacity To Hawai‘i
Average Daily Seats
0
200
400
600
800
1000
1200
2006 2007 2008 2009 2010 2011
JO/JL
DL/NW
HA
KE
WS
Other
NH
AC
QF/JQ
UA/CO
1500
2500
International: Hawaiian Has Been The Leader In Service
And Capacity Growth
Source: Official Airline Guide (Data pulled from source on October 10, 2011)
JO/JL not on same scale
Change In Avg. Seats/ Day
Over 5 Years, 2006-2011
Carrier
%
change
Abs.
change
HA 464% 746
Other
Airlines
-8% -515
11

12. 1Q2010 2Q2010 3Q2010 4Q2010 1Q2011 2Q2011 3Q2011
Hawaiian Airlines ASM & PRASM
(Year-Over-Year Change)
1Q2010 2Q2010 3Q2010 4Q2010 1Q2011 2Q2011 3Q2011
Hawaiian Has Maintained PRASM Growth Despite
Capacity Growth
ASM
PRASM
Source: HA data
12

13. Agenda
• Network and Pricing Overview
• Geographies
– North America
– Neighbor Island
– International
13

14. North America Network And Pricing
• Widebody product advantage
• Schedule timed for local passengers
• Share and fare premium over competitors
• Connections to Neighbor Islands
• Connect largest, multi-frequency markets to International markets
14

15. 0%
20%
40%
60%
80%
100%
0% 20% 40% 60% 80% 100%
In Most Mainland-Hawai‘i Markets Where We Compete, We
Get Share And Price Premiums
Market Market O&D
HA O&D
share
HA Fare
Premium1
HNL-LAX 934,810 31% $5
HNL-SFO 464,035 22% $17
HNL-LAS 374,502 81% $15
HNL-SEA 371,770 40% $13
OGG-SEA 262,273 51% $36
HNL-PDX 191,093 57% $22
OGG-PDX 187,377 63% $25
HNL-SAN 168,966 64% $24
HNL-PHX 145,646 63% ($42)
OAK-OGG 117,102 50% $29
OGG-SAN 115,662 25% $44
HNL-SMF 104,438 82% $31
HNL-SJC 98,161 90% ($40)
HNL-OAK 96,181 96% ($23)
LAS-OGG 58,419 64% $22
Total 3,690,435 49% $14
Traffic, Seats & Fares At Hawaiian’s Mainland Gateways, YE2Q2011
O&DShare
Nonstop Seat Share
HNL-SFO
LAX-HNL
OGG-SAN
HNL-SEA
HNL-PHX
OGG-SEA
OAK-OGG
HNL-PDX
OGG-PDX
HNL-SAN
LAS-OGG
HNL-SMF
HNL-LAS
HNL-SJC
HNL-OAKGreater passenger
share than seat share
Less passenger
share than seat share
1 Over other airline average fare
Source: USDOT O&D survey, OAG schedules
15

16. 12.7 12.7
12.1 11.9
12.5
10.8 10.6 10.9
10.4
13.5
13.1
12.7
11.7 11.4
10.6 10.3 10
9.2
United Airlines Delta Air Lines American
Airlines
US Airways Alaska Airlines JetBlue
Airways
Hawaiian
Airlines
Southwest
Airlines
Allegiant Air *
RASM CASM
Domestic RASM & CASM (Excluding Transport-Related), YE1Q2011
Stage Length-Adjusted To 1,000 Miles, Ranked By CASM
(No Hawai‘i
Service)
Our Costs Are Competitive With All Other Carriers Serving
Hawai‘i, And With LCC’s That Could Enter The Market
(No Hawai‘i
Service)
(No Hawai‘i
Service)
* No “Transport-Related” exclusion for Allegiant
Source: USDOT Form 41
16

17. New York City
• Largest U.S. metro area
• 7th largest Mainland-Hawai‘i
market
• Current service limited to
just one daily EWR nonstop
• Excellent connections to the
rest of the eastern U.S.
East Coast
• 2nd largest origin region
• Over 1,900 Hawai‘i PDEW
(including NYC)
• Current service limited to
just two daily nonstops
(EWR and ATL)
We Recently Announced New Daily
Nonstop Service Between
Honolulu And New York JFK
17

18. Agenda
• Network and Pricing Overview
• Geographies
– North America
– Neighbor Island
– International
18

19. Hawaiian Airlines’ Neighbor Island Markets Are Among The
Busiest In The U.S.
Rank Market O&D PDEW* Rank Route Daily Departures
1 JFK-LAX 3,265 1 LAX-SFO 47
2 LGA-ORD 2,589 2 LGA-ORD 42
3 LAX-SFO 2,491 3 LAS-LAX 37
4 JFK-SFO 2,315 4 JFK-LAX 33
5 ATL-LGA 2,044 5 BOS-LGA 32
6 FLL-LGA 1,910 6 ATL-LGA 30
7 HNL-OGG 1,816 7 ACK-HYA 29
8 LAS-SFO 1,608 8 LAX-PHX 29
9 MCO-PHL 1,593 9 HNL-OGG 29
10 EWR-MCO 1,517 10 PDX-SEA 28
11 SAN-SFO 1,435 11 MSP-ORD 27
12 HNL-LAX 1,430 12 DCA-LGA 27
13 JFK-MCO 1,428 13 ATL-DFW 27
14 DEN-PHX 1,395 14 LAX-SAN 26
15 LAX-ORD 1,392 15 LAX-ORD 26
16 LAX-SEA 1,388 16 BOS-DCA 26
17 HNL-ITO 1,348 17 DFW-ORD 25
18 DEN-LAX 1,345 18 ANC-ENA 25
19 BOS-SFO 1,320 19 ATL-ORD 24
20 LAS-LAX 1,312 20 ATL-MCO 24
21 DEN-LAS 1,254 21 LAS-SFO 24
22 SEA-SFO 1,235 …
23 HNL-LIH 1,233 25 HNL-LIH 24
… 30 HNL-KOA 23
30 HNL-KOA 1,197 69 HNL-ITO 16
* PDEW = Passengers Per Day Each Way
Source: USDOT O&D survey and T100, OAG schedules
19

20. 0%
20%
40%
60%
80%
100%
HNL-OGG HNL-LIH HNL-KOA HNL-ITO KOA-OGG* LIH-OGG ITO-OGG HNL-MKK HNL-LNY
Hawaiian
Other
Island Air
Go! Mokulele
Hawaiian Airlines Has Established A Solid Presence In Its
Neighbor Island Routes
0%
20%
40%
60%
80%
100%
HNL-OGG HNL-LIH HNL-KOA HNL-ITO KOA-OGG LIH-OGG ITO-OGG HNL-MKK HNL-LNY
Hawaiian
Other
Island Air
Go! Mokulele
Onboard
PAX Share
(YE1Q2010)
Average Daily
Freq. Share
(Oct. 2011)
1,952k 1,450k 1,322k 1,138k 219k
29 24 23 16 18
* For KOA-OGG route, ‘Other’ refers to Pacific Wings
Source: USDOT T100, OAG schedules
20

21. Our Neighbor Island Network Is A Source Of Utility
For The Entire Industry
Virtually every airline serving Hawai‘i has significant interline traffic with us
Seven codeshare partnerships include several of our long haul competitors
21

22. VFR / In-State
Leisure
Origin Dest. Flight # Depart Arrive
Business Travelers
HNL OGG 206 5:05 5:41
HNL OGG 106 5:17 5:53
HNL OGG 114 6:34 7:10
HNL OGG 156 7:33 8:10
HNL OGG 116 7:59 8:36
HNL OGG 146 8:32 9:09
OA Asia / Pacific
Connections
HNL OGG 520 9:35 10:12
HNL OGG 256 10:41 11:18
HNL OGG 126 11:06 11:43
HNL OGG 328 11:30 12:07
HA Connections
HNL OGG 166 12:40 13:18
HNL OGG 336 13:23 14:02
HNL OGG 136 14:07 14:46
HNL OGG 226 14:45 15:24
OA (AA/UA/CO/DL)
Domestic Long-haul
HNL OGG 334 15:24 16:01
HNL OGG 544 16:23 17:00
Business Travelers
HNL OGG 236 17:14 17:51
HNL OGG 266 17:38 18:15
HNL OGG 194 18:15 18:52
HNL OGG 556 19:37 20:14
HNL OGG 596 20:16 20:53
HNL OGG 516 21:55 22:32
Example: HA Honolulu-Maui Schedule – October 11, 2011
Each Neighbor Island Route Serves Multiple Customer
Segments
22

23. • For most cities beyond
narrowbody range, nonstop
Neighbor Islands flights are
difficult to support
economically (for us and
competitors)
• Our network provides an
attractive connection option
for these itineraries
OGG LIH KOA ITO
YVR YVR YVR
DFW
ORD
LAX LAX LAX LAX
SFO SFO SFO SFO
DEN DEN DEN
OAK OAK OAK
PHX PHX PHX
SEA SEA SEA
SJC SJC SJC
PDX
SAN
SMF
SNA
-- -- -- --
-- --
JAL tried,
cancelled
--
Hawai‘i Visitors1 Non-Stop Service2
YYC
Our Neighbor Island Network Is An Anchor For Longer-haul
Routes - Our Own And Other Carriers’
1 YEAug2011 2 All carriers
Source: Hawai‘i DEBDT, OAG schedules (Oct. 2011)
US
West
US
East
Japan
Canad
a
Other
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
inThousands
23

24. Agenda
• Network and Pricing Overview
• Geographies
– North America
– Neighbor Island
– International
24

25. While Some International Markets Have Matured, Other New And
Existing International Markets Provide Attractive Growth Opportunities
• Widebody service
• Rising affluence will drive new sources of visitors
• Gradual loosening of visa requirements facilitates visits
• Weaker US Dollar makes Hawai‘i more affordable
• Our efficient twin-engine aircraft are well suited for these markets
25

26. * CAGR = Compound Annual Growth Rate
Source: Hawai‘i Tourism Authority
-3% 12% -1% 11% 2% 22% 8%
CAGR*
‘06-’11(p)
1,174
466
374
178
116 95 74
0
100
200
300
400
500
600
700
800
900
1,000
1,100
1,200
1,300
Japan Canada Other Australia Europe Korea China
inThousands
International Visitors To Hawai‘i, YE3Q2011
Hawai‘i Is An Established Destination For International
Visitors, But Many Source Markets Are Far From Mature
1,174
26

27. 0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
0
500
1,000
1,500
2,000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
(p)
Visitors Seats
Japan-Hawai‘i Visitors And Scheduled Seats
Annual Visitors
(in Thousands)
Average
Daily Seats
The Long-term Decline In Japan-Hawai‘i Demand Has
Stabilized And Airline Capacity Is Tighter
Source: Hawai‘i DEDBT, OAG Schedules (Oct. 2011)
27

28. 0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Other
Nagoya
Osaka
Tokyo
Japan-Hawai‘i Average Daily Seats
Carriers Have Consolidated Hawai‘i Capacity At Tokyo,
Leaving Regional Japan Cities Underserved
Note: Chart does not reflect launch of new HNL-FUK services (DL beginning Dec 28, 2011, HA in Apr. 2012)
Source: OAG schedules (data pulled October 2011)
28

29. 0.90
0.95
1.00
1.05
1.10
1.15
1.20
JPY CNY AUD CAD KRW
1.00
Currency Appreciation In Visitor Source Markets Provides
Additional Support For Market Entry
Dollars Per Foreign Currency Units
Indexed To 10/25/09 = 1.00
A weaker dollar boosts the value of foreign point-of-sale revenue and
makes Hawai‘i a more attractive foreign tourist destination
29

30. Manila
Sydney
Hnl
San Francisco
Los Angeles
Las Vegas
Pago Pago
Papeete
Portland
Phoenix
San Diego
Sacramento
Oakland
San Jose
Maui
Seoul (Incheon)
Tokyo (Haneda)
Osaka (Kansai)
Fukuoka
Pago Pago
Papeete
Seattle
Oakland
San Jose
Taipei
Hong Kong
Singapore
Melbourne
Brisbane
Shanghai
Sapporo
Beijing
2010 Metro Population
1m 3m 5m 7m 20m
Major Markets With Limited Or No Nonstop Hawai‘i Service
Toronto
Montreal
Washington, DC
Boston
Minneapolis
Detroit
Philadelphia
St Louis
Top US Markets With No
Non-stop Service
Auckland
New York
HNL
Large Markets With Limited Or No Nonstop Hawai‘i Service
Provide Ample Growth Opportunities
Source: The Economist, US BEA, Board Of Trade Metropolitan Montreal, Govt Of Japan, Govt Of Australia, Calgary Economic Development
* Destinations Are Within Operating Range Of Existing HA Aircraft
30

31. Visa Restrictions Play An Important Role
In Several High-Potential Hawai‘i
International Markets
• Australia, Japan, Korea, New Zealand and
Singapore are Hawai‘i’s only Asia Pacific source
markets in the U.S. Visa Waiver Program (VWP)
• Korean visitors to Hawai‘i increased 60% after
Korea’s VWP entry, and are projected to grow by
more than 26% in 2011
• With low visa refusal rates, Hong Kong and Taiwan
are on the State Department’s VWP “roadmap”
• China is unlikely gain VWP status in the near term,
but declining visa rejection rates point to its eventual
inclusion
– In the meantime, the U.S. is expanding visa
processing capacity at its China consulates
U.S. VISA REFUSAL RATE
Country 2006 2010
China 24.5% 13.3%
Hong Kong 4.2% 5.4%
Taiwan 3.1% 2.2%
Indonesia 35.1% 16.4%
Malaysia 11.4% 5.9%
Philippines 37.7% 37.9%
Thailand 12.9% 13.5%
31

32. In International Markets, We Are
Selective In Our Partnerships
• Mutual codeshare on both carriers’ HNL-ICN flights
• Codeshare on HA neighbor island flights
• Codeshare on KE ICN-Asia flights
• NH code on HA neighbor island flights
• HA code on NH HNL-Japan and intra-Japan flights
• DJ code on HA HNL-SYD and neighbor island flights
• Interline on DJ’s Australia/NZ flights beyond SYD
• Recently signed SPA* provides HA entry into several
China markets from other Asia points
* SPA = Special Prorate Agreement
32

33. Mahalo
Questions?
33